The advance of technology is unstoppable. New patterns are displacing what was once considered the best option. The advent of blockchain has introduced major changes in the world of cybersecurity that can be leveraged by law firms.

The blockchain is the technology that supports to the cryptocurrency system or digital currency. It is a distributive database made up of block chains, designed in such a way that it cannot be modified once the information is published.

The blockchain has been defined as a public, virtual ledger. which allows encrypted data transmissions to be confirmed. When these are corroborated, they are placed in a block and added to the chain, becoming apparently immutable records. Although no technology is known to be truly intrusion-proof, the blockchain is so far the most secure form of encrypted information transmission.

For the qualities of transparencyThe reduction of costs associated with the transmission of data and the immutability of records has gradually been integrated into various public and private spheres.

Blockchain: Transformation to the law firm

The changes imposed by the blockchain have already begun to be felt in some business models, despite the fact that it has not been adopted on a large scale is still under construction and evaluation. Its legal basis is still under construction and evaluation, but it has been taken into account to ensure the reliability of data transmission and the safeguarding of information.

Law firms need to get into this technology to serve clients from the new reality of blockchain, which some predict will be as ubiquitous as the internet is today. Through this system, digital information of any kind can be stored and reviewed from anywhere in the world simply by having access to it.

The advent of blockchain in law firms may boost the number of legal consultanciesThe platform will make it possible to send confidential information between clients anywhere in the world and legal professionals.

Smart contracts emerge

The possibility of smart contracts is another option on the horizon.The technology makes it possible to create them automatically, taking into account certain variables. Similarly, land registration can be simplified by relying on the multifunctionality and confidentiality of the blockchain.

Many of the legal transactions in the hands of lawyers are related to the safe handling and transfer of assets.. These actions range from mortgage closings to commercial sales, where securities administration and management is required. It is in these cases that special attention should be paid to what is happening with the technology that underpins cryptocurrency.

Lawyers dedicated to the world of finance may be among the first of these professionals. interested in learning about blockchain in order to involve it in their legal practice. It remains to wait and observe the changes proposed by the advancement of technology and its real applications in reality.

Sources consulted

• Forbes
• Above The Law
• Wikipedia
• Ambitojuridico.com